Smart Hearing Aids Market Overview
Smart hearing aids refer to the next iteration in hearing aid technology. Furthermore the advancements such as directional sound, smart aids connect to the smartphone, letting control the devices from an app and pipe music and phone calls straight to human ear just as a wireless Bluetooth headset. Smart hearing aids build up the self-confidence, enhance the communication and as well as the overall esteem of an individual.
Market Size and Forecast
The global smart hearing aids market is expected to expand at a CAGR of 5.8% over the forecast period, i.e. 2017-2024. Further the global smart hearing aids market is likely to grow substantially as expected on account of increasing deafness resulting from increased noise pollution levels, genetic factors, ear infections, birth complications and other factors. In addition, the rise in demand for technologically advanced and aesthetically appealing miniature devices is also propelling the market growth.
In the regional market, North America is anticipated to dominate the overall market of smart hearing aids market during the forecast period. Due to increase in the hearing loss among the aged and elderly population which has led to the growth of smart hearing aids market.
Europe smart hearing aids market is rising due to increase in the prevalence of hearing loss among the matured and elderly population and increase in the noise pollution. With rising government funds in order to create the demand for hearing devices, the Asia pacific region is likely to observe significant growth till 2024.
Low acceptance and manufacturing issues in different hearing devices may have a negative impact during the forecast period in regions such as India, China, South Africa and few Latin American countries. Defects may occur in the smart hearing aids especially in the ear products such as telecoil defects, magnetic defects and vibration defects.
Based on distribution channel, smart hearing aids market is segmented into retail pharmacies, hospital pharmacies and e-commerce. The e-commerce segment is likely to showcase exponential growth in the next few years due to rising popularity of buying the products through online channels.
Our in-depth analysis has segmented global smart hearing aids market into the following segments:
By Product Type
By Distribution Channel
The global smart hearing aids market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Factors such as growing prevalence of hearing loss among the matured and elderly population and increase in the noise pollution have intensified the growth of smart hearing aids market. The global market for smart hearing aids is increasing in geriatric population, as the factor related to hearing loss is highly coupled with prevalence rate. In addition, advancement in the technology coupled with high end features such as automated connectivity with smartphones, wireless platforms and contribution to growth in IT platforms with emerging digital technologies is further going to spur the smart hearing aids market growth during the forecast period.
Further, rising popularity of fashionable smart wearable devices that are able to fulfill both fashion and functional needs is expected to foster the growth of smart hearing aids market globally. Additionally, increasing disposable income of the consumers and rising affordability are also expected to bolster the growth of market in future.
Furthermore, compatibility of smart hearing aids with smartphone apps is also a key factor which is attracting consumers towards smart hearing aids. Manufacturers of smart hearing aids are taking various initiatives that connect to and interact with the Internet via the IFTTT Network, to increase the sales of smart hearing aids.
However, high cost and presence of alternatives are some of the key factors which are expected to limit the growth of global smart hearing aids market in upcoming years.
Scope and Context
Overview of the Parent Market
The global smart hearing aids market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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